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- One of the purposes of internal control is to protect: Select one: a. assets. b. all statement of financial position accounts. c. liabilities. d. None of the answers are correctHow to ensure that overstatement as well as misstatements of account balances due to redundancy and out-of-date of information flows are identified and terminated?Explain why deficiencies in internal controls might not always result in significant misstatements when transactions are recorded
- Transaction controls are designed to ensure that transactions are properly valued. True FalseFrom the list of assertions provided, select the relevant assertion(s) to each control objective. There are controls in place that will prevent or detect the omission of transactions from the books and records of the organization. accuracy O occurrence O cut-off O completeness O rights and obligations O accuracy, valuation and allocation O existence O classification There are controls in place to ensure that the correct amounts are assigned to the transactions. O classification O occurrence O completeness cut-off accuracy, valuation and allocation O existence O rights and obligations O accuracy There are controls in place to ensure that transactions are charged and allocated to the correct general ledger account. O classification O rights and obligations O completeness O cut-off D occurrence existence accuracy O accuracy, valuation and allocationWhich one of the following is not an advantage of internal controls? Select one: a. It safeguards the assets b. It increases the chance of fraud c. It ensures compliance with laws d. It enhances the reliability of accounting records
- Which of the following is not a scope of internal auditors? Efficient Use of Resources Should work independently Compliance with Policies and Procedures Safeguarding the AssetsWhich of the following is NOT a data communications control objective?a. maintaining the critical application listb. correcting message loss due to equipment failurec. preventing illegal accessd. rendering useless any data that a perpetrator successfully capturesWhich of the following statements is NOT correct? a. EAMs capture transactions during processing without removing the application from service. b. EAMs support continuous monitoring of controls. c. EAMs have the potential to corrupt corporate databases d. EAMs decrease operational performance. e. All of the above are correct statements.
- Transactions need to be classified appropriately. This internal control objective relates to all of the following assertions EXCEPT for accuracy. O completeness. valuation. O allocation.Identify important internal control activitiespresent in a properly designed system tomitigate the risk of material misstatementsfor each relevant assertion in the revenueand collection cycle.Which of the following is not a principle of internal control? Multiple Cholce Divide responsibilities for related transactions. Apply technological controls. Separate recordkeeping from custody of assets. Maintaining securty by having one person track and record assets. Perform regular and ndependent reviews.